Is the Byron Bay market rebounding?

Strong demand is behind Byron Bay’s resurgence following a problematic post-GFC environment, according to McGrath Byron Bay’s Nick Dunn.

High demand and tight supply are fuelling price growth in the area, with Dunn noting that the enquiry level from buyers has risen “dramatically” and spells good things for the property market’s future.

“We are seeing multiple prospective buyers interested in a property, which in turn is driving the marketplace,” he said.

Dunn notes that both local buyers and sea changers from Melbourne, Brisbane and Sydney are driving the demand.

The average days on market has dropped to 40 to 45 days, as opposed to 90 to 120 days just a few years prior. Rental returns of up to 5.5% gross yield are available, which may see investors turn to the area soon.

“Property in this market can be neutrally to positively geared, so it can be a set and forget scenario which works well for investors,” Dunn said.

The market may be driven by retirees, as well as by new development – with Unison Projects’ Seacliffs being the recent first residential subdivision in almost 15 years, bring 33 new lots to the market from $485,000.

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